Fitch rates STAG Industrial notes BBB

Fitch Ratings said it assigned a BBB rating to STAG Industrial Operating Partnership, LP’s $100 million unsecured notes issued through a private placement on Dec. 15.

The notes mature on Jan. 5, 2023 and bear interest at a fixed rate of 3.98%.

STAG Industrial Operating Partnership, LP is a wholly owned operating subsidiary of STAG Industrial, Inc.

The outlook is stable.

Fitch said the rating reflects STAG’s credit strengths, which include strong leverage and fixed charge coverage metrics for the rating, excellent liquidity, a sizable unencumbered asset pool and improving access to unsecured debt capital. Fitch said it expects STAG to operate through the cycle with metrics that are appropriate for the BBB rating, including leverage sustaining in the low-to-mid 5.0x range and fixed charge coverage in the mid-to-high 3.0x range.

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